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. all day long on cnbc, we are here in washington holding lawmakers feet to the fire and finding out if they are doing their part to rise above partisan politics and reach a deal on the fiscal cliff. good morning again, everybody. i'm becky quick. here is what we know right now. the pace of private talks picking up speed as we now have just 20 days left. however, neither the white house nor house speaker boehner's office are giving any public indication that either side is yet prepared to give up real ground. on a road trip yesterday, president obama indicated that he is willing to compromise, just not on that point about an increase in tax for relthy americans. meantime, speaker boehner says he is still waiting on specific spending cuts. joining us now for analysis, tony fratto, of hamilton place strategies and former white house press secretary and gerald bernstein former economic adviser to vice president joe biden. gentlemen, thank you for being here with us and getting this special day of coverage kicked off for us. >> rising early and rising above. >> exactly. let's talk about
it totally mythical numbers, that nothing is actually being done at all. >> "the washington post" did a column on this where they look through some of tim geithner's numbers and it was a little concerning. >> smoke in mirrors. >> goes after the entitlements. >> but this is the deal that's going to happen. the cuts there are going to be real or the republicans won't play. >> right. >> and in return, the revenue side of the equation is going to be more consistent with what the president's looking for. i think he's serious about the rates. >> you can't even guarantee that guys like demint and that wing of the part -- you saw what he said yesterday. >> i didn't see what he said. >> he said no way. 800 billion in tax increases. we're saying it now like it's normal. 25% of gdp for government spending and you've got bloated government already, you start there. you start at government spending. you don't immediately start spending another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. b
in places like washington, d.c., new york and los angeles. and the strike at the port of los angeles long beach is entering its seventh day this morning. contract talks between clerical workers and shippers have resumed. the walkout is dramatically slowed activity at the nation's a busiest cargo complex, dockworkers have refused to cross picket lines. >> this is a big deal. i don't know if you think this will have economic impact down the road. national retail federation is worry that had it will spread to the east coast just ahead of the christmas holidays when so many people are out shopping. really a bad time for them. >> it could. l.a. and long beach, biggest port in the united states. >> did you see on the waterfront? you don't mess with -- >> it's the clerical workers that are striking. >> it is? i'm not afraid of that. >> the dock workers don't want to cross the picket line of the clerical workers. >> oh, i'll cross that line. i thought it was the guys with the big boxes and they drop boks on you if you cross that -- will do you remember that? >> i lived in hoboken and i saw parts
are watching every move out of washington. the industrials opened higher by 45. the nasdaq would open higher by 10. the s&p 500 would open higher by six. >>> and the fed wrapping up its two-day meeting this afternoon. its latest policy statement is expected at 12:30 eastern. that will be followed by a news conference at 2:15 p.m. the fed is expected to announce a new round of bond purchases as its last program known as operation twist set to expire at the end of the month. we'll have special coverage at cnbc of the decision and ben bernanke's news conference starting at 12:15. we'll talk to steve leaseman live later in the program. >>> another story that you heard about yesterday, the -- you know, violence and death threats and blood and guts. big implications for big labor. that is michigan's decision to become a right-to-work state. thousands of protesters and union members converged on the capitol in lansing yesterday to object to the measure that would bar unions from requiring workers to pay membership dues and to join the union. governor snyder signed the measure into law. >> shouldn't
of different cross currents from what people were hearing yesterday in washington. market well above 100. >> ended up 85 for the day. >> i guess the demise of john boehner as speaker was greatly exaggerated. did you see this "new york times" piece? more support for boehner now than anytime in his speaker ship. is that's setting up for -- >> but it is social media and twitter allows to you see these things. >> sausage factory into the front of the kitchen. >> exactly. >> geithner didn't use the word marginal rates had to go up, just said rates. >> rates are already going up. there will be a tax increase to people making more than 250 anyway because of the health care law. so the idea that somehow they will get a freebie is just crazy. >> california at 52%, new york and other places -- >> when you add up all the state and local taxes. hawaii is above 50, as well. >> hawaii is worth it, though. >> california is not bad either. >> unless you need to drive somewhere. right? and don't have a helicopter. >> there's a reason the president takes a helicopter anywhere. you can't drive in d.c. sdl
-year, and this, when we used to go and see greenspan down in washington, he said everything else you have on your ticker, i need to see the 10 year. i need to see that every morning. nothing has happened in the ten year for the last -- i don't know. it's just not as interesting as it used to be to watch. when it's manipulated, it's not that interesting. >> one of the things about qe is that it's volatility. and you have seen implied vols down in all asset classes, including bonds. >> because things normally are volatile, that just shows us once again this is not letting things -- letting the chips fall where they may. >> yeah. i think it's baked into the cake. >> but i think he's on to something. the fact that the fed is there, the fact that the fed is trying to get ahead of the fiscal cliff and we've got these big bond buying programs. and the last time, remember, in august of 2011 when we had the last showdown, what happened? bonds rallied. >> and you said you want this to be fixed. you almost need the markets to be more volatile than they are. >> that's one of the theories that people have thr
with our xaernt washington correspondents. good morning, john. were you up all night? >> not all night, but we stayed on, of course, until 9:00 after it was clear that the house alternative had collapsed. but, joe, i was listening to your conversation earlier. this is not about the far left and the far right. this is about the republican party not being able to get its act together and figuring out and strategy and pursuing a strategy. >> i watched the press conference yesterday. all the reporterses, all the mainstream media reporters were saying, mr. boehner, why are you going through this exercise? this is an exercise in futility. why are you doing this? why even hold the vote? and then he can't do it and now all of you are going, see, see, you can't even do it. >> but it does raise questions about what this means for -- >> joe, it's not about the mainstream media. it's about the inability of this republican party to face the -- face political reality. the president was re-elected. his positions are much more popular where the country than theirs. they are locked into a caucus in the
out of washington. but before we get to that, why don't we start with our day anticipates top story. the i.c.e. and the nyse are in talks. the numbers put the price tag at about $8 billion. >> we watched this -- now, you said you were watching this last night with kudlow, right? >> i did. >> did you think david faber? did you think when was book ending? on this, it went up last night. i don't know why this chart is showing no movement. it went up six points. >> yeah, right. >> that wouldn't even bring those -- because we watched. faber was talking about that last night. >> maybe if we show the prior day. >> that was the prior day. >> there's a glitch or something. >> that was the prior day that didn't show the after hours trading card. it was right about 720 been i think, wasn't it? >> and all this followed and it's a big story. >> well, it is. it's interesting because it's nyse euronext. >> and this isn't the first time that i.c.e. did this. >> no. you will are ebb that i.c.e. made a joint unsuccessful bid for control of the nyse last year. when the two withdrew their offers, they
on in town. in washington news, both parties hinting at renewed talks on the fiscal cliff. the acknowledgement of open lines of communication passed for encouraging news. a new survey finds more than 60% of leading investment professionals predict a shorp stock decline in the market if the government fails to come up with a deal. in this case defined as a more than 10% drop in the dow. 56% surveyed foresee a deal to avoid the cliff by year end, 44% predict failure in the ongoing negotiations. as for corporate america, through yesterday's close, there have been # 70 announcements of special dividends. these special difference deebds are valueded a more than $30.1 billion. among the latest names, mcgraw hill will pay a special dividends of $2.50 a share before year end. and drop its previously announced plan to buy back up to $200 million more of stock this year. >> everybody's paid their dividends this year, so they won't be paying them next year. >> this is a major issue. what's going to happen is -- we have two great economists onset. but that money will get annualized, s
christmas in washington, do they? >> you have thursday, friday and monday, right? >> you have a lot of aides prepared to come back after christmas to try and make sure they're not too far away from d.c. it does look encouraging. you've had movements on both sides. you've had boehner indicating that he's willing to accept and rising tax rate for the wealthiest. at the same time, you've had the president scaling back the limit to which those tax rates go up the. >> and they're not arguing about idealogical points any more. >> exactly. >> and what about the debt ceiling? do you think this gets thrown to the mix or not? >> well, i think the white house knows very strongly that as far as the markets are concerned, they want to try and get some kind of clarity for the next few months. after the last couple of years, no one really trusts the government or trusts the administration to not have a series of crisis and tiptoeing to the edge. so my bet is they will try to get some sort of deal. >> who has more trouble convincing the people they need to sign off? boehner could get enough with democrats a
in washington and how the fiscal cliff is likely to effect investment decisions. we have value investor leon cooperman, he's going to join us on set starting at 7:00 eastern time. then at 8:00 eastern, we have black op co-founder and ceo ralph schlosstein. and lynn hutchins will join us. we'll talk about what they see playing out and what they think is working when it comes to the markets now. >> the bill that the president says is in the house that he will sign if -- that's in the senate -- >> the senate. >> the senate that he will sign if the house passes it is what? >> that is $. >> -- that is 250? >> 250? >> he said 400. he said, i have the pen, let's keep tax rates where they are for everyone at 250 and below. so this one, that's c these guys are pretty clever because that would keep rates where they are for everyone at a million and below. no middle-class taxpayers up to a million dollars -- >> that's no matter what, isn't it, in either bill? >>yon r -- i think it would be the same in either one. that's not -- what reid and i guess pelosi, you saw that, said she opposes the million-dol
Search Results 0 to 10 of about 11